Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Not the messengers, the traitors. Increasing the block size is as bad as increasing the 21M Bitcoin limit.

So the price should be going up then because Hearn left?

[AlexGR]

Burn, Baby. Burn.

There is no guarantee Bitcoin can be saved, but in CANNOT be saved without a crash that wakes up everyone to the threat of the smallblockers.

Fuckin' smallblocker Satoshi who didn't realize that dust/spam payments aren't practical...

Bitcoin isn't currently practical for very small micropayments.  Not for things like pay per search or per page view without an aggregating mechanism, not things needing to pay less than 0.01.  The dust spam limit is a first try at intentionally trying to prevent overly small micropayments like that.

Bitcoin is practical for smaller transactions than are practical with existing payment methods.  Small enough to include what you might call the top of the micropayment range.  But it doesn't claim to be practical for arbitrarily small micropayments.

Forgot to add the good part about micropayments.  While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall.  If Bitcoin catches on on a big scale, it may already be the case by that time.  Another way they can become more practical is if I implement client-only mode and the number of network nodes consolidates into a smaller number of professional server farms.  Whatever size micropayments you need will eventually be practical.  I think in 5 or 10 years, the bandwidth and storage will seem trivial.

I am not claiming that the network is impervious to DoS attack.  I think most P2P networks can be DoS attacked in numerous ways.  (On a side note, I read that the record companies would like to DoS all the file sharing networks, but they don't want to break the anti-hacking/anti-abuse laws.)

If we started getting DoS attacked with loads of wasted transactions back and forth, you would need to start paying a 0.01 minimum transaction fee.  0.1.5 actually had an option to set that, but I took it out to reduce confusion.  Free transactions are nice and we can keep it that way if people don't abuse them.

It would be nice to keep the blk*.dat files small as long as we can.

The eventual solution will be to not care how big it gets.

But for now, while it's still small, it's nice to keep it small so new users can get going faster.  When I eventually implement client-only mode, that won't matter much anymore.

There's more work to do on transaction fees. In the event of a flood, you would still be able to jump the queue and get your transactions into the next block by paying a 0.01 transaction fee.

Blocks are full with spam/dust => "oh no the end of the world is coming", yet the predicted design to bump fees and bypass the spam is working as it should (with less fees - as value per BTC has increased).

All the arguments about the good anti-core forkers who want the best for the small guy so that he can make micropayments for free / almost free against the "evil blockstream employees" seem to go out the window in light of what Satoshi himself said about the design.

It seems Satoshi was of the belief that eventually technological resources will be boosted to a level that the existing design can scale even for micropayments, when currently it can't. What he expected is 100% probable (give it a few decades at most and VISA-like tx capability will be easy), however I suspect he was expecting some kind of non-linear breakthrough sometime soon - that hasn't yet been invented (?) or mass implemented as of today.

He was also of the opinion that there is no need for the blockchain to be bloated and his preference was to keep it relatively small, in order to boost adoption and prevent centralization. He offered an alternative "design" where a much more centralized bitcoin with nodes in server farms could take over and people would be running light clients.

People just repeating "big blocks" remind me of the movie Idiocracy with the "electrolytes".

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

[becoin]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Bitcoin "Classic" is suggested by the same person that couple of years ago opposed the translation of Bitcoin-Qt GUI into Farsi because US government imposed sanctions on Iran... I don't trust this person at all. It was obvious from the beginning who were the rotten apples in core dev team.

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

NYTimes big fud: http://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html?_r=1


FUCK YOU HEARN.


PS/ and FUCK YOU GAVIN TOO.

Instead of shooting the messengers, we could also fix the problem. Adopting Bitcoin Classic would be a good, first step.

Bitcoin "Classic" is suggested by the same person that couple of years ago opposed the translation of Bitcoin-Qt GUI into Farsi because US government imposed sanctions on Iran... I don't trust this person at all. It was obvious from the beginning who were the rotten apples in core dev team.

That's the great thing about Bitcoin. You don't have to trust a person. If you don't like the idea, that's your problem.

[Richy_T]

 

100% filled block and price on the downside, not a good morning for me at the moment.
I need some coffee to wake up and analyze WTF happened tonight

Also note the subtext. We had one block found in an hour. It took *three* blocks after that for the backlog to clear. Then we had an hour with two blocks.

An artificially low block size limit means that backlogs won't clear quickly, no matter what fees are in use. The only answer is some stupid bidding war apparently.

[LFC_Bitcoin]

Getting sick of Mike Hearn. What makes him think he has any right to try & become some kind of bitcoin godfather?

Get fucked & piss off back to your Google job.

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

[ahpku]

[...]
That's the great thing about Bitcoin. You don't have to trust a person. If you don't like the idea, that's your problem.

Caveat: Must be a top-notch crypto expert fluent in C & willing to pore over code & spend free time on bitcointalk/r/b***

[only]

good riddance, you fucking clown

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

[Richy_T]

And as I don't totally understand how it works and what's happening, I'm afraid of using it. And tempted to quit.

That's not an irrational position.

If you're buying bitcoins just to have some or to buy some drugs or whatever, you probably don't care much about how it works. If you're buying a bunch because you're a speculator, sure you should know about what's going on.

[Richy_T]

I think this drop is more about the global stock market selloff then Mike hearn.

Cheap stocks?

[ChartBuddy]

Coin



Explanation

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

[ZephramC]

I wonder...
If there is version of Bitcoin client which changes 21M BTC cap, increases block reward and blacklists some addresses... would you still use it if it were marketed under name "Bitcoin Original" or "Original Bitcoin" or "Satoshi's Bitcoin"?

[hendra147]

some hours ago
Global Bitcoin Nodes Distribution

Reachable nodes as of Fri Jan 15 2016 03:14:51 GMT+0000 (UTC).
5485 nodes

now
Global Bitcoin Nodes Distribution

Reachable nodes as of Fri Jan 15 2016 15:06:29 GMT+0000 (UTC).
5641 nodes



we have new 200 conected nodes
still keep positive thinking at bitcoin price

[QuestionAuthority]

Coin

Hey ChartBuddy, did you have a good Christmas? Thanks for letting me know when to sell before Christmas. I remember asking you when to buy back in for the after Christmas sale and it looks like you're about to tell me when. Thanks again pal.

[ahpku]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Not at all. See: Cryptsy; Havelock.
O% fiat. 100% scam

Oh, and some butthurt douche just nuked my account. Because that's how we make problems disappear here, in Bitcoinia.
Sure, banning accounts when new ones take < 20 secs to make isn't very effective, and just pisses people off, but hey...

To be fair, this is a private forum, so the moderators are like a private police force.
Only with neckbeards.

[cbeast]

Last chance of corrupted government(s) to kill bitcoin using their puppets in core dev group. A major, major economic crisis is knocking on the door and their time to ruin bitcoin is running out fast.

No need 4 gubermints to step in here, you Crypto enthusiasts seem to be doing fine all on your own.

"Embattled digital currency exchange Cryptsy is now claiming that it is insolvent.

The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m at then prices) and approximately 300,000 LTC (then $2.08m).

"This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand. The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.""

Fractional reserve. Because it works

Cryptsy failed because Bitcoin works. Gee, I hope this post isn't deleted too.

By "works," you mean "makes shit like Cryptsy possible"?

Anything can be exchanged in a custodial exchange. Poor performance is no excuse for bailouts.

Anything could be exchanged in an unregulated Magic: The Gathering sort of an exchange, you mean? Nonexistent shit for worthless shit & back again, in a frictionless market, due to plenty of tears & snot lubrication?

Well, yeah you got me there. I'm not a fan of these exchanges. OTOH, the global stock market is crashing so, the bailouts didn't work there either.

Sure. Last time DOW fell 10% in 24 hrs is when?

Like I said, I'm not a fan of these exchanges. They should be regulated like Wall Street so they shut down during flash crashes like this.

So what you're telling me is all this "trustless" bullshit is bullshit?
Bitcoin commerce needs government oversight, just like conventional fiat commerce?
So Bitcoin's basically, a fiat surrogate? only useless for 99.9% of IRL financial transactions?

WTF does trusting MTGOX have to do with Bitcoin? We've moved past that. Yes, MTGOX type exchanges that use fiat should be regulated. If they don't allow fiat, then they seem to work fine.

"We've moved past that"? Clearly we haven't, see: Cryptsy; Havelock.
No fiat. Plenty of scam.

Custodial exchanges. Try exchanging with crypto's advanced features instead of trusting non regulated anonymous entities.